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🚀 Ready to unlock the secrets to a successful business exit? 🚀
✅ Tune in to Think Business with Tyler featuring the savvy Steve Juetten!
✅ Dive into the pivotal shifts from profit mastery to stellar sales strategies.
✅ Learn why 70-80% of small businesses fail to sell and how to beat the odds.
✅ Equip yourself with Tyler Martin and Steve Juetten’s expert insights—don’t leave your business’s future to chance! 🌟
Welcome back to Think Business with Tyler, I’m your host Tyler Martin, and today we’re diving deep into the world of business transitions, valuation, and the challenging process of selling a business. Joining us is Steve Juetten, a former financial advisor turned business coach, who will share his journey from his early days of financial advising to the intricacies of coaching businesses through the sales maze.
Steve brings to the table a wealth of experience, including the lessons learned from selling his own business—a process that’s not only technical but also rich in emotional complexity. We’ll tackle the harsh truth that 70 to 80 percent of small businesses don’t sell, often crumbling under the weight of unrealistic expectations and poor preparation.
Expect to hear our candid discussions about the importance of planning for your exit early, ensuring your record-keeping is as pristine as detailing a car before a sale, and why understanding the true value of your business is crucial from the onset. We’ll also share personal anecdotes about the emotional rollercoasters of selling a business.
This conversation is all about setting up for success and avoiding common pitfalls, as Steve reveals his three golden rules in business, delves into managing client expectations, and the power of saying no to clients who don’t fit your business culture.
Whether you’re considering selling your business or actively in the market for buyers, Steve’s insights and our shared experiences are invaluable. So tune in, buckle up, and let’s get started on this eye-opening journey on Think Business with Tyler.
Steve Juetten is the embodiment of a lifelong learner, with an insatiable curiosity that extends from the shelves of how-to books lining his personal library to the intricate workings of various businesses. He’s the kind of person who thrives on knowing how things are done, a trait that has greatly influenced his professional journey.
With an extensive background as a consultant, Steve has spent many years dispensing valuable advice and strategies. Following this, he transitioned into the world of financial advising, where his love for exploring and understanding different business models continued to flourish. Steve’s zest for knowledge and business acumen make him not just a seeker but a storied educator in the art of business.
Steve implemented three unique rules in his business: always assume good intentions, practice blameless problem solving, and put clients first.
The most common issue Steve encounters with clients is their unrealistic expectations about the value of their business.
Steve once expected to receive all cash upfront during his business sale, but the reality differed, highlighting the unpredictability of business transactions.
Transitioning Career Adventures
Steve shares insights from transitioning his career, highlighting the necessity of embracing new challenges and the journey of lifelong learning. He reflects on the importance of recognizing when it’s time to pivot professionally and the excitement that comes with pursuing new adventures. Juetten’s story serves as a lesson on staying curious, seizing opportunities to grow, and the significance of timing in career shifts.
Understanding Business Value
The podcast touches on the critical lesson of knowing your business’s true worth from a buyer’s perspective. Steve Juetten discusses the pitfalls many business owners face when overvaluing their enterprise and the importance of realistic expectations. Understanding the market, the buyers’ mentality, and detailed preparation for the business sale process are key takeaways for maximizing return on investment and achieving a successful business exit.
Cultural Fit Over Profit
Both Tyler and Steve emphasize the lesson of prioritizing cultural alignment and fit when selling a business. They recount personal experiences where the well-being of staff and clients was deemed more important than the final sale value. This approach ensures a smoother transition and can alleviate potential regrets, asserting that the impact on people involved often outweighs pure financial gain.
Strategic Client Management
Steve and Tyler delve into the importance of effectively managing client relationships. They discuss establishing boundaries, assessing client compatibility, and the utility of categorizing clients from A to D. The lesson underscores the value of working with clients who align with the business’s ethos, are committed, and respectful of boundaries, leading to a more productive and satisfying engagement for both parties.